Aomori Michinoku Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2005
Loss of customer information
Michinoku Bank came under criticism after information concerning an estimated 1.3 million customers was lost. The incident led to intervention by Japan’s Financial Services Agency and a requirement that the bank reform its business practices.
Anita Scandal
Michinoku Bank was used in a scandal involving a businessman associated with the Aomori Prefectural Public Housing Corporation. More than US$13 million in funds were funneled to his Chilean wife, with some of the money used to build an expensive house in Chile.
Controversy over Russian expansion
Michinoku Bank’s expansion into Russia was criticized by industry observers and former employees as unusually risky for a regional bank. Critics argued that capital support for the Russian subsidiary diverted resources from domestic development, despite the subsidiary reporting pretax profit in one period.